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Hue Mi
06-17-2013, 08:49 PM
The Central Bank welcomed the decision three civil banks sell the dollar at a lower price from the advertiser (http://www.almadapress.com/ar/news/13763/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D8%B4%D9%8A%D8%AF-%D8%A8%D9%82%D8%B1%D8%A7%D8%B1-%D8%AB%D9%84%D8%A7%D8%AB-%D9%85%D8%B5%D8%A7%D8%B1%D9%81)

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Author: MJ
Editor: RS
2013/06/17 19: 43
Range/Baghdad

The Iraqi Central Bank, announced on Monday, receiving a formal letter from the Association of banks confirming their commitment to the initiative as the first phase three banks to sell the dollar at a lower price than the advertised price, and noted that the initiative is "normal behavior" the Iraqi banks, it's consistent with monetary policy to support the economy.

The CBI said in a statement (range), "Central Bank Governor recognizes the formal letter from the Association of banks has formally committed to previously announced initiative three banks as the first phase of the sale of the dollar to the public at a lower price than advertised price.

The statement said that the "Association of banks decided to reduce the sale of dollar cash price 1183 dinars instead of 1189 dinars to dollars, and 1178 dinars to the dollar instead of the dollar to dinar 1184 documentary credits".

The Central Bank promised the decision by the Association of banks as "continuity with the policy of the Central Bank of Iraq to support the Iraqi dinar exchange rate and foreign exchange is accessible to the public and within the framework of cooperation between the Central Bank and banks."

The World Bank lauded the Central Bank initiative, it "represents the normal behavior of most banks in the stand and rational monetary policy trends are moving and the Central Bank and banks keen to support the Iraqi economy and raising the efficiency of the financial instruments and cash used".

The CBI had earlier announced, the abolition of non-banking companies registered with regardless of their leave from the Ministry of Commerce, the banking companies registered and approved before 2003 were 300 companies, with the companies over thousands and are a mixture of companies operating in accordance with the terms and regulations of the Bank and got leave from the Ministry of Commerce while other companies without obtaining any authorization.

The Central Bank announced the beginning of the year 2013, closed 190 offices in Baghdad and other provinces for violating the legal requirements imposed by the Bank.

The truth in Iraq revealed the fund development matches, 8 April 2013, the Central Bank sold over the past six years the process of auctions around 207 billion dollars, equivalent to 56 percent of Iraq's oil revenue in those years, and stressed that such sales were more times than the domestic market, it was revealed that more than half of those sales went to specific banks poured their purchases from the Bank in the Gulf and Jordan., politicians and lawmakers accused the economists of the CBI over The past months burning "an average four billion dollars a month in hard currency auction for ten banks mostly Gulf capital, buy a day most posed by Central Bank currency and obscene profit up to 6% to control Iraqi economy."

The authority accused the North Bank for finance and investment, on the 7th of April 2013, the CBI not to meet the needs of the Iraqi market of foreign currency over the past five months and the private banks, stressed that Iraq needed to pump nearly $300 million on the market daily needs while currency currency Central Bank criticized the remarks as offensive and promised "stemming from ignorance and lack of knowledge of monetary policy".

The Iraqi Cabinet decided on (16 October 2012), head of the Office of financial supervision Abdel Basset Turki as the Governor of the Central Bank agency rather than the previous Bank Governor Sinan Al-Shabibi on the background of the charges of financial and administrative corruption in World Bank especially in the auction, but that nothing has changed on the work of the Bank and auction currency while the dinar has witnessed a big drop against the greenback as it jumped out of 1170 dinars per dollar in fall 2012 to 1,270 dinars to the dollar In April 2013.

The IMF said in a report released in (21/3/2013), following consultations held in Oman between a delegation from the Fund and an Iraqi delegation led by ware planning to El shukrijumah, informed (range) "an improvement in the financial sector", but stressed that it still needs greater efforts by the Central Bank on monetary policy tools revision and strengthening of banking supervision, and to accelerate the restructuring of the banking system."

The IMF called on the Central Bank to "gradual liberalization measures introduced foreign exchange through auctions held by the Bank so that repeated disturbances suffered by last year's financial market."

The Fund stressed that establishing a national banking system requires abandoning the current form, which is dominated by the weak State-owned banks that enjoy preferential treatment to distinguish it from private banks", calling on Iraq to strengthen its public finances to ensure efficiency and transparency in the use of oil revenues.